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Bitcoin Nears New ATH of $73.7k as BlackRock ETFs Surge

Oct 18, 2024, 06:03 PM

Bitcoin has reached a new all-time high (ATH) and is now less than 7% away from surpassing $73.7k. The surge in Bitcoin's value is partly attributed to the significant inflows into Bitcoin ETFs, which have crossed $20 billion in total net flows within just 10 months. In comparison, it took gold ETFs about five years to achieve the same level of inflows. BlackRock's Bitcoin ETF has attracted $1 billion in less than a week, and the firm's CEO Larry Fink has declared Bitcoin an asset class. Additionally, BlackRock has purchased over $1 billion worth of Bitcoin this week. DBS has also introduced tokenized banking services.